To understand the Brexit disaster, follow the money

The ultra rich want the UK out of the EU, for their own ends

Most people who voted Leave did so with good intentions… but not all.

Behind the scenes, a group of ultra rich individuals and tax evasion businesses hate the way that the EU is starting to clamp down on them hiding their wealth from the tax man.

The UK govt has long had no interest in stopping this, David Cameron’s dad was in the business after all, and only the EU is powerful enough to try to fight their tax fraud and evasion. The EU estimated that losses from this could be as high as a trillion euros!

A Channel 4 documentary the other day reported that Rees Mogg must have already made millions since the Brexit vote

The anonymous ultra-rich don’t care about business, or ordinary people, or the well-being of the country, because they’re internationally mobile.

Most of their money is offshore, they have homes in multiple countries.

Their primary concern is money: their money.  They hate the EU’s power to regulate, which is stopping them making yet more money by cheating and polluting the rest of us.      

Their allies are malevolent actors like Russia, China and some in the Trump regime, who actively want to weaken the EU as a major player on the world stage.

No need to send tanks rumbling across Europe, these days all you need is a bunch of bloggers and bots in an office block in Moldavia  and you can use social media to whip up so much anger and division that the EU’s collaborative approach is completely unsustainable, and Europe breaks apart. The worse the mess the happier they are. 

The dream of both groups is that we have the hardest possible No Deal Brexit, but that’s not the end of it.

They want chaos to break out, so then government has to “suspend regulations” to keep food in the shops, medicines in the hospitals and prevent riots (as revealed in leaked no deal preparation documents).

Much of our trade and food currently comes via Europe and Dover, so if we crash out, we’ll have no option but to accept the worst of America’s chlorine washed chicken.

We will have no option but to sign up to the worst one sided “Make America Great Again” trade deal in history.

The pound will plummet, British businesses will fail:  but that’s what they’ve prepared for, so they’ll make a fortune.    

Big business in the UK is horrified, because a No Deal Brexit will destroy the carefully constructed web of 40 years work on harmonised regulations and procedures that makes it possible for international business to collaborate and trade seamlessly across the whole EU market of 500 million people.

It’s not about WTO tariffs, but about whether you know that something imported from another bit of Europe is OK to use in your product without having to check.  That applies whether it’s the engine brought in from Frankfurt to make a car in the UK to be sold in Spain, or the British flour used in French biscuit. 

But big business will cope: They’re already setting up offices in Europe, moving staff and transferring investments. The finance sector alone has already shifted an estimated £800bn.Paris and Dublin are doing very well out of it.

The long term financial consequences for the UK are horrifying … A significant drop in tax revenue and employment, with all the social disruption that economic decline will bring.

But that doesn’t worry the No Deal extremists, because then the UK’s only option will be to become a tax haven: a low tax, low regulation, low oversight jurisdiction: sort of British Virgin Islands on Steroids, with plenty of money spent on policing to keep the restive population under control (oh yes and lets divert the blame onto the immigrants). 

The vast majority of people, rich or poor, Leavers or Remainers are horrified when they realise what’s going on, so our absolute priority must be to come together to fight this, before it is too late.

I find it astonishing that Labour doesn’t yet seem to have realised this.

“Jo”, (a pseudonym) a technical consultant who has worked for a variety of multinationals in the EU and USA

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8 Responses to “To understand the Brexit disaster, follow the money”

  1. roland brindley

    Too much opinion, not enough fact

  2. nshgp

    1. Pull in lots of low paid migrants.

    Blair and Brown did that, gerrymandering thinking they would vote labour.

    2. Employers pay peanuts.
    3. Employer’s off shore their profits.
    4. Migrant pays very little tax since they are poor
    5. Migrants being poor consume way more services than average.

    So if the migrant isn’t paying, the employer’s aren’t paying, who is?

    Ah yes, its those workers who get wages suppressed [Remember leave’s campaign. If we leave the EU, wages will go up] and directly in the form of taxes.
    Follow the money is the right question.
    You’ve not followed your own advice is the reason why you come up with the wrong answer.

    Not surprising when you are in the pay of people who want cheap servants paid for by others, so they can profit

  3. Anne

    Brilliant analysis. The links are awesome.

  4. Boffy

    Actually, all the evidence is that the “ultra rich” do not want the UK out of the EU. The ultra rich, the top 0.01%, who own the bulk of privately held wealth in the form of shares and bonds in globally traded companies, overwhelmingly want Britain to stay in the EU, and its huge market, because that way the profits of those companies are enhanced, and so the dividends and other interest they obtain on their shares and bonds is maximised.

    The people who want Britain out of the EU are not the ultra rich, but the small capitalists who feel themselves threatened from two directions. Firstly, they can’t compete against those large corporations, in which they ultra rich have shares, and which require a large planned and regulated macro economic framework to operate within. Secondly, they fear that the EU with its minimum standards for workers rights, consumer rights, environmental protections – which large companies can quite comfortably live with, and which give them a competitive advantage over the small capitals – threatens their existence, particularly as reduced competition between workers across borders facilitates those workers demanding higher wages, and better conditions.

    Its this fact that the Tories as a potential party of government needs to look after the interests of the ultra-rich, and the large companies they hold shares in, because those large companies are what the economy depends upon for its prosperity, whilst the vast bulk of Tory members and voters are drawn from the ranks of the small private capitalists that has torn it apart over Europe for the last 40 years.
    On this one, the working-class and the ultra rich have a shared interest in EU membership, just as in the 19th century they had a shared interest with the industrial capitalists in seeking repeal of the Corn Laws, as against the interest of the landlords, and money lending capitalists.

  5. Andrew Carey

    “Jo” clearly is a fan of remaining in the EU. So let’s recap the top two budget items of that organisation – the payments to owners of qualifying land ( that has to be the top 0.5% of the wealth distribution ) and the payments from the cohesion fund ( sometimes called convergence funding ) to rich capitalists in lower income countries.
    The consequences are that lower income countries have mechanised and shed jobs at a rate faster than would have happened if left to the free market, and this has often been done by buying German machinery.
    And the killer observation I’d like to make is that through his ignorance of most of what the EU really does with your money “Jo” inadvertently supports rent seeking by the rich just as much if not more than his claims to oppose it.

  6. Patrick Newman

    So Andrew, rent seekers will find it tough once we leave the EU. They wont be looking to conduct a war of attrition against workers rights and T&C’s – like abolishing TUPE which is underwritten by EU law?

  7. Steve


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